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Agenda Package - 04-19-10
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Agenda Package - 04-19-10
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5/20/2010 2:46:48 PM
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Board of Commissioners
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C0 <br />• Dalrymple from participating and voting on the installment financing agreement as stated above. Upon <br />a vote, the results were as follows: <br />Aye: Hayes, Kelly, Oldham, Paschal, Reives, and Shook <br />Nay: None <br />Abstain: Dalrymple <br />The Chairman ruled the motion had been adopted unanimously. <br />Mr. Hayes announced that a public hearing was scheduled for public comments on one or more <br />proposed installment financing agreements to be entered into by the County of Lee pursuant to Section <br />160A-20 of the General Statutes of North Carolina in an aggregate principal amount not to exceed <br />$20,000,000 for the purpose of financing the costs of renovating and improving existing facilities and <br />constructing and equipping an addition to Lee County High School. If the County enters into an <br />agreement, its obligations will be secured by a deed of trust on the site of the project, together with all <br />improvements and fixtures located or to be located thereon. The County will also acquire the site of the <br />project, which site will be leased to the Lee County Board of Education to be used for school purposes. <br />Such lease will be subordinate to the lien created by the'Veci of trust. County Manager John <br />Crumpton and Mr. Ted Cole from Davenport presented facts and financing options and stated that two <br />proposals had been received, one from BB&T and one ft m Bank oAmerica. Mr. Cole presented <br />financing options for the award to be presented to BB&<h%(een Chairman Hayes opened the public hearing that advertised for this date and time. <br />• The following spoke in favor of the finan in roject with BB&T for renovations to Lee Senior <br />High School: <br />1. Mr. Bill Tatum, 2QcorZn lingtonXPrive, Sanford, Chairman of the Lee County Board <br />of Education; an Z,r <br />2. Mr. Keith Clark, , ive, Sanford <br />No one present spo n o position to the financing project as presented. <br />Chairman Hayes close h)blic hearing. <br />Commissioner Shook introduced and moved to approve a Resolution Accepting the Proposal of <br />Branch Banking & Trust (BB&T) in Connection with an Installment Financing for Various Governmental <br />Equipment, a copy of which is attached to these minutes and by this reference made a part hereof. <br />Upon a vote, the results were as follows: <br />Aye: Hayes, Kelly, Oldham, Paschal, Reives, and Shook <br />Nay: None <br />Abstain: Dalrymple <br />The Chairman ruled the motion had been adopted unanimously. <br />Commissioner Reives introduced and moved to approve a Resolution Making Certain Findings <br />and Determinations Regarding the Proposed Financing of Public School Improvements for the County <br />Pursuant to an Installment Financing Agreement and Requesting the Local Government Commission to <br />Approve the Financing Arrangement, a copy of which is attached to these minutes and by this <br />reference made a part hereof. Upon a vote, the results were as follows: <br />
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